BYLAW - Establish Various Reserve Funds - 20150526 - 568915THE CORPORATION OF THE TOWN OF AURORA
By-law Number 5689-15
BEING A BY-LAW to
amend By-law Number
5553-13, as amended, to
establish various Reserve
Funds for the Town of
Aurora.
WHEREAS section 9 of the Municipal Act, 2001, S.O. 2001, c. 25, as amended (the
"Act"), provides that a municipality has the capacity, rights, powers and privileges of
a natural person for the purpose of exercising its authority under the Act or any other
statute;
AND WHEREAS subsection 11(2) of the Act provides that lower -tier municipalities
may pass by-laws respecting, among other items, the financial management of the
municipality and its local boards;
AND WHEREAS over time, The Corporation of the Town of Aurora (the `Town") has
established various reserve accounts for various purposes without the benefit of
separate formalizing bylaws;
AND WHEREAS on November 26, 2013, the Council of the Town enacted By-law
Number 5553-13 to establish various reserve funds for the Town;
AND WHEREAS on April 14, 2015, the Council of the Town adopted a resolution
that directed staff to bring forward the necessary by-law to further amend By-law
Number 5553-13 to create additional reserve funds as detailed in Report No.
CFS15-006;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
AURORA ENACTS AS FOLLOWS:
1. THAT By-law Number 5553-13, as amended, be and is hereby further
amended by adding the reserve funds set out in the schedules attached
hereto, and forming part of this by-law.
2. THAT this by-law shall come into full force and effect on the date of final
passage hereof.
READ A FIRST AND SECOND TIME THIS 26`h DAY OF MAY, 2015.
READ A THIRD TIME AND FINALLY PASSED THIS 26 h DAY OF MAY, 2015.
.Approved as to }Form
Bi Lega[Serv{ce_s
S ynature (Jai Ram - 11� 1_
Date: MAN ? .7Z* 2, ,(5.
_*4F4EY DAWE, MAYOR
TOWN CLERK
By-law Number 5689-15 Page 2 of 4
Schedule:
RR13
Reserve Fund Category:
Infrastructure Sustainability/Repair and
Replacement
Reserve Fund Name:
Ontario Community Infrastructure Fund (OCIF)
The Ontario Community Infrastructure Fund (OCIF) Repair and Replacement
Reserve Fund (the "Fund") is hereby established to receive and hold all funds
received from the Province of Ontario under their OCIF Program. Due to their nature,
funds must be budgeted and recorded as a revenue in the annual Operating Budget,
together with a matching contribution to this reserve.
Balances in the Fund will be planned for specific projects, compliant to the conditions
of the OCIF program and the Contribution Agreement executed by the Town with the
Province. Such funding allocations are to be recommended to or by Council during
the annual budget process, or other times throughout the year.
The conditions of the OCIF program require that funds must be allocated to specific
qualifying capital projects during the year in which funding is received by the
municipality. Completion of the project by year end is not required. Accordingly, year
end balances of this account are expected to be $NIL.
Funds in this reserve must be used only for capital projects which qualify under the
provincial funding program which may change from time to time. Council may not
reallocate these funds for any non -qualifying purposes.
The Fund is to be established with a $NIL balance.
By-law Number 5689-15 Page 3 of 4
Schedule:
SP8
Reserve Fund Category:
Special Purposes
Reserve Fund Name:
Recreation Sponsorships
The Recreation Sponsorships Reserve fund (the "Fund") is hereby established to
receive and hold recreation sponsorship funds received from donors until allocated
under the specific program administered by the Parks & Recreation Department.
Balances in the Fund will be planned for specific capital projects or operating
initiatives to be recommended to or by Council during the annual budget process, or
other times throughout the year in support of the purposes and intents of on -going
Sponsorships Program of the Town.
Due to the nature of this fund, there is no specific target balance identified.
As the funds in this reserve have been donated to the Town for specific purposes as
set out in the Program, Council does not have the liberty to reallocate these amounts
for any purpose other than those directly in support of the Program and purpose for
which they were given.
The Fund is to be established with a $NIL balance.
By-law Number 5689-15 Page 4 of 4
Schedule:
SP9
Reserve Fund Category:
Special Purposes
Reserve Fund Name:
John West Memorial Scholarship Award
The John West Memorial Scholarship Award fund (the "Fund") is hereby established
to receive and hold one-time funding received from the estate of former mayor John
West, in support of the John West Memorial, Leaders of Tomorrow Scholarship
Award program. Funds will be held until allocated under the specific program
administered by the Parks & Recreation Department as established by Report No.
PR15-009 adopted by Council March 31, 2015.
Balances in the Fund will be planned for the annual scholarships of the program
during the annual budget process, or other times throughout the year in support of
the purposes and intents of the Program.
Due to the nature of this fund, there is no specific target balance identified.
As the funds in this reserve have been donated to the Town for specific purposes as
set out in the Program, Council does not have the liberty to reallocate these amounts
for any purpose other than those directly in support of the Program and purpose for
which they were given.
The Fund is to be established with a $NIL balance, with the donation transferred to it
upon receipt.